Borgata at San Tan. Credit: Pinal County
(Disclosure: Rose Law Group represents Empire Group.)
By Roland Murphy | AZBEX
Developers are, by nature, an optimistic group. Even simple and straightforward building projects can sometimes take years to move from idea to ribbon cutting.
Nothing says “developer optimism” like a master plan. The time and financial investments to walk a multi-project vision from proposal through entitlements and approvals, development team assembly, design and execution are daunting. It’s a years- sometimes decades-long gamble as to whether the economy, growth and popularity of a targeted area will hold long enough to realize a return.
Three master plans floating around various jurisdictions – all considered outlining areas to one degree or another – show developers are still willing to take the long road in a hot market where the simple quick flip is a target for many.
